Key regions: United Kingdom, Russia, Philippines, United States, Spain
The Soups market in the EAEU has been experiencing subdued growth, impacted by various factors such as changing consumer preferences and economic uncertainty. Despite the convenience of ready-to-eat soups, the market's growth rate remains stagnant.
Customer preferences: Consumer demand for convenient and healthy food options is on the rise in EAEU, which has led to a growing interest in the Soups Market of the Convenience Food Market within The Food market. This trend is driven by a shift towards healthier lifestyles and a desire for on-the-go meal solutions. As a result, there has been an increase in demand for soups made with natural and organic ingredients, as well as soups that cater to specific dietary needs, such as gluten-free or vegan options. Furthermore, the rise of digital platforms and e-commerce has also made it easier for consumers to access and purchase these products, contributing to the growth of the Soups Market in the Convenience Food Market.
Trends in the market: In the EAEU region, the Soups Market of the Convenience Food Market within The Food market is experiencing a significant increase in demand for healthy and organic soup options. This trend is being driven by a growing awareness of the benefits of a nutritious diet and the desire for convenient, yet healthy meal options. As a result, industry stakeholders are investing in research and development to offer innovative, health-focused soup products. Furthermore, there is a rise in online grocery shopping, making it easier for consumers to access these products. This trend is expected to continue, creating opportunities for market growth and increased competition among industry players.
Local special circumstances: In the EAEU region, the Soups Market of the Convenience Food Market within The Food market is influenced by the region's historical preference for warm, hearty meals, especially during the colder months. In countries like Russia and Kazakhstan, traditional soups such as borsch and shurpa are still widely consumed, leading to a high demand for packaged soup products. Additionally, the EAEU's strict food safety regulations have created a higher demand for convenient, pre-packaged soups that meet these standards. These unique factors have contributed to the growth and popularity of the soups market in the EAEU region.
Underlying macroeconomic factors: The Soups Market of the Convenience Food Market within The Food market is heavily influenced by macroeconomic factors such as consumer spending habits, economic growth, and changing demographics. As the economies of EAEU countries continue to grow, consumers have more disposable income to spend on convenient and ready-to-eat food options like soups. Additionally, with an aging population in many EAEU countries, there is a growing demand for convenient and easy-to-prepare meals, further driving the growth of the Soups Market. Fiscal policies, such as taxes and subsidies, also play a role in shaping the market by impacting production costs and consumer purchasing power. Moreover, global economic trends, such as trade agreements, can also affect the availability and pricing of key ingredients used in soups, ultimately influencing market performance.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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